Eircom gives suitors two weeks to submit formal bids

7 Nov 2011

Former Irish monopoly operator Eircom has given companies wishing to take control of the business two weeks to ‘put up or shut up’, The Irish Independent reports. The paper writes that the telco is looking to speed up the process of securing financing and reducing the debt levels of its ailing operations, and has set 18 November as a deadline for offers. It is understood a letter was sent out by Bernard Somers and other independent directors appointed to the board of Eircom in September this year. Eircom declined to comment on the developments, but it is understood to have received two formal proposals to date.

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